9.1 Insurance was born as marine insurance (insurance of land risks followed centuries later) and was and remains centred upon the concept of risk of the maritime adventure, a risk shared by all those taking part in that adventure. The bearing of this risk was originally conceived as an element of contracts of various kinds entered into in connection with a voyage of a vessel, such as the sale of goods carried, or the loan to the Master ( foenus nauticum ). It was only around the beginning of the fourteenth century that the risk became, in substance although not yet formally, the subject-matter itself of such contract: although not yet so named, the contract of insurance was born. 2